4 Bullish Reasons For Stellar (XLM/BTC)I'll cut to the chase and say that I am bullish for Stellar in the short term.
Reason #1: It is my belief that Stellar found it's bottom and the recent bullish move that followed Bitcoin has only strengthened my opinion on this matter-
Reason #2: Looking at the charts we can see that this is a classic falling wedge formation. d.stockcharts.com
After a big move up not long ago we have stayed in this wedge formation and a move above the upper trend line would be very bullish.
Reason #3: Volume has increased in recent weeks and the volume is also showing a possibiliy of buying increasing in anticipation of a further leg up.
Reason #4: Bullish Divergence. On the MACD we can see that despite being in a falling trend we are showing bullish/positive divergence which is a key element to look out for when spotting a falling wedge formation.
Keep an eye on the top of that trend line, a break above could be very good for Stellar.
Happy Trading!
